YEREVAN, November 24. / ARKA /. In response to a sharp depreciation of the national currency, the dram, against the USD and euro Armenia’s Central Bank said in a statement today that the exchange rate ‘is in the stabilization zone.
The greenback’s value has grown today at the local forex market by 16.6 points from November 21 to 435 drams, the highest rate this year.
According to the Central Bank statement, the drop in dram’s value ‘is dictated by the latest developments at regional and international financial markets, promoting export competitiveness, economic growth, creating new steady jobs and increasing the purchasing power of remittances sent to Armenia from abroad.’
“After consulting with all the participants of the financial market the Central Bank estimates that the current exchange rate of the dram reflects in full the ongoing developments and is within the zone of stabilization,” the statement says.
The regulator says also its reserves are fully sufficient to prevent any artificial fluctuations of the exchange rate and to ensure financial stability.
Armenia’s national currency began to lose its value in late October. To shore up the dram the Central Bank sold $ 60.7 million in the last three weeks. Overall, it has sold $203.38 million this year at the local forex market and bought $50.15 million.-0-
